Stocks Hit Record Highs After US-Iran Deal Reports: Markets Wrap
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(Bloomberg) — Wall Street traders sent stocks to all-time highs, bonds advanced while a rally in oil waned amid speculation about a diplomatic breakthrough in the three-month war that has rattled global markets.
Willy Strothotte, Ex-Glencore CEO Who Ousted Marc Rich, Dies at 82
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(Bloomberg) — Willy Strothotte, who played a key role in the history of commodity trading by leading the deal that created Glencore Plc, has died. He was 82.
Swiss Police Say Train Station Attack Was a ‘Terrorist’ Incident
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(Bloomberg) — Three people were injured in a knife attack in the Swiss city of Winterthur on Thursday in what authorities have deemed a “terrorist” act.
Iceland Ousts Switzerland as Priciest Nation, Union Says
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(Bloomberg) — Iceland is again the world’s most expensive country, surpassing Switzerland for the first time in years, calculations by a local trade union showed.
Stock Rally Falters on Conflicting US-Iran Signals: Markets Wrap
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(Bloomberg) — Wall Street traders left stocks wavering amid mixed signals about prospects for a deal to end the war in Iran and revive energy flows through the vital Strait of Hormuz.
Banks in Croatia Face Hit After Ruling on Swiss Franc Loans
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(Bloomberg) — Banks in Croatia face a potential hit if a ruling by the country’s Supreme Court turns out to have sided with borrowers of Swiss-franc loans in a decade-long legal dispute.
BIS and Banks Build Blockchain Cross-Border Payments Prototype
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(Bloomberg) — The Bank for International Settlements and a cohort of partners will soon start testing a new prototype for digital cross-border payments with real-value transactions.
Hong Kong Overtakes Switzerland as Top Offshore Wealth Hub
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(Bloomberg) — Hong Kong has narrowly overtaken Switzerland to become the world’s largest cross-border wealth hub, driven by an influx of mainland Chinese capital and a resurgent local equity market.
Swiss to Vote on Stricter Neutrality Proposal in September
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(Bloomberg) — Swiss voters will decide in September if the country should strengthen its commitment to neutrality, a measure that would limit the government’s ability to impose economic sanctions.
Switzerland’s 10-Million Population Cap Is Worrying Executives
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(Bloomberg) — At its headquarters in Basel, Swiss drugmaker Roche Holding AG employs workers from more than 100 countries. In less than a month, the access to international talent that it’s long enjoyed could come under serious threat.
UBS’ Khan Says AI Will Impact Jobs While Aiding Productivity
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(Bloomberg) — UBS Group AG’s Asia Pacific President Iqbal Khan said artificial intelligence will free up capacity and improve productivity but also have an impact on jobs.
S&P 500 Hits Record High as Iran Peace Hopes Hold: Markets Wrap
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(Bloomberg) — Wall Street kicked off the holiday-shortened week with stocks joining bonds higher as hopes for a peace deal between the US and Iran overshadowed military strikes in the Persian Gulf.
Audemars Piguet CEO Resta Says Swatch Tie-up Smashed Web Records
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(Bloomberg) — For Audemars Piguet Chief Executive Officer Ilaria Resta, the response to the luxury Swiss timepiece maker’s launch of a pocket watch in collaboration with Swatch has been overwhelming.
Ex-Credit Suisse Risk Chief Has Swiss Criminal Case Dismissed
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(Bloomberg) — Credit Suisse’s former head of compliance has avoided a criminal trial for allegedly ignoring red flags in a scandal that helped hasten the bank’s collapse, after the case was dismissed on technical grounds.
US Stock Futures Gain as Crude Oil Drops on Iran: Markets Wrap
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(Bloomberg) — Global stocks rose to record highs as crude oil fell after officials signaled the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows. The dollar weakened.
Eni Looks to Speed Up $4 Billion Oil Expansion in Ivory Coast
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(Bloomberg) — Eni SpA will look to accelerate a $4 billion expansion of its offshore joint venture with Vitol Group in the Ivory Coast, Chief Operating Officer Guido Brusco said.
Charting the Global Economy: Factory Activity Sags on Inflation
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(Bloomberg) — The global economy is showing signs of wearing down with inflation pressures persisting during the third month of a war-induced energy crunch.
S&P 500 Bulls Power Longest Weekly Gain Since 2023: Markets Wrap
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(Bloomberg) — Hopes for a deal between the US and Iran that will turn a fragile ceasefire into lasting peace fueled Wall Street optimism, driving stocks to their longest streak of weekly gains since 2023.
Switzerland Adopts Most of EU’s New Russia Sanctions Package
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(Bloomberg) — Switzerland is adopting most of the European Union’s 20th sanctions package against Russia and Belarus, but skips from some elements for now, the government said.
